Understanding Target Marketing & Competition in the Financial Industry
When a customer or member logs into your digital banking services, they bring with them data and information that tells their unique story. Banks and credit unions are increasingly utilizing this data and information to personalize the banking experience across all of their users and lead users right to offers and products that meet their distinctive needs through targeted marketing.
In a world driven by data, banks and credit unions must recognize the value of intelligent analytics to market your products and features users actually want. With services like Apiture IQ, financial institutions can analyze their user behaviors, and competitor successes, to drive revenue and meet users at their decision-making point.
Can your users link external accounts?
When your users are able to pull other bank accounts into your banking experience, they’re giving you the ability to gain key insights into competitor wins. An external account might show the competitor that gave your user a better mortgage rate and the ability to buy their first house. But, with targeted marketing, your institution recognizes that rate – and targets that user with a lower rate to refinance with. You can increase your institution’s revenue and creating value for your users all at the same time.
Where have your users been?
Your competitors are no longer restricted to your geo-located community – digital transformation has opened the door to institutions and fintechs around the globe to get into your user’s pockets. It’s projected that within five years, 88% of all interactions will be mobile. Your competition just got larger, and your users need you to answer through targeted marketing.
This competition growth isn’t a bad thing; it presents the opportunity to understand and more effectively market to your users. While offerings are endless for your users, you can use the innovations around you to keep them close to home. In utilizing research and trends within your own user base to wait for your users where they want you to be, eliminating the need to seek external apps and institutions for their financial needs.
Further, you can use external user activity to recognize where there may be gaps in your offerings – where you can tweak rates to grow deposits. With analysis tools such as Apiture IQ, your institution has all the data you need at your fingertips, with hundreds of automated reports, that can guide you into the next generation of financial services.
Can your users find specifically tailored offers?
What if you could aggregate all car loan payments that your users are making to various providers – then specifically target offers to those users with lower car refinancing rates? With targeted marketing and intelligence, your institution is equipped with immediate and organized data that can be used to give your users better solutions and increase your market share in various ways. When MX asked users if they wanted their financial institution to tell them if they could give them a better deal on a financial product than what they currently have, 94% of them said yes. Your users are looking for you to put their data to use in ways that benefit them.
Are you giving your users the insight they need?
It’s not just for your institution’s benefit to aggregate your user data. More often, users want more visibility and control over their financial health. Only 52% of US adults are financially literate – this literacy is a result of siloed experiences in financial matters. Your institution can promote financial literacy by offering a dashboard of all accounts, transactional data and more.
In addition to targeting your superior products, services and rates to your users, you can also provide them with a targeted financial picture of their own finances – before they seek another app to do it for them. Loading up a new personal finance app means dealing with tons of permissions and passwords, followed by being dumped into an unfamiliar dashboard that it takes days or weeks to feel fully comfortable using.
With tools like My Spending from Apiture, your users can see, set and stick to budgets on their expenses. The best part? These smart categories will auto-categorize based on the merchant. A receipt from a gas station around $25.00 will be categorized as gas, while a $2.00 purchase from the same vendor probably isn’t gas and will be categorized accordingly.
If you aren’t helping users to aggregate accounts within your banking experience, another bank will do it to you. As a result, that bank is gaining more of your users’ wallet by offering products and rates that beat yours through targeted marketing
Want to learn more about frustration-free digital platforms? www.apiture.com.